Hearing Aids Market is anticipated to grow at a substantial CAGR from 2019 to 2030.
Market Industry Reports (MIR) has published a new report titled “Hearing Aids Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global hearing aids market is estimated to be over US$ 6.5 Bn in 2017. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
Increasing incidences and prevalence of hearing loss, rising geriatric population has led to focus of market players in introducing new and innovative products and availability of favorable government regulations are some of the growth factors in the hearing aids market. Moreover, various educational and research institutes, organizations and societies are working on treatments of hearing losses to make the entire treatment procedure affordable. For instance, China Southeast University Institute of Life Sciences announced collaboration for joint research project with Boehringer Ingelheim, a leading pharmaceutical company.
Increasing Geriatric Population
The population of geriatric population across the world has grown rapidly over the past several decades. Moreover, this growth has witnessed an unprecedented rate in recent times. In 2016, it was approximated that the population of individuals aged 65 years or older was 8.5% or 617 million of the entire world population. Furthermore, it is projected that the figure will witness an increment to 17% i.e. 1.6 billion by the end of 2050. Such rapid growth of geriatric population is anticipated to present a remunerative growth opportunity for the global hearing aids market in the coming times. Since, growing age brings about several ailments associated with hearing, namely hearing loss, and other hearing problems.
Increasing Incidences of Hearing Ailments
According to the National Institute on Deafness and Other Communication Disorders, detectable level of hearing loss among every 1000 children in the U.S., ranges between 2 and 3. Similarly, in the U.S., it is estimated that the total number of adult suffering from some form of ailments associated with hearing is a staggering 37.5 million, i.e. roughly 15% of the entire population. Rising incidences and prevalence of hearing ailments is anticipated to further contribute to the growing demand of the global hearing aids market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Hearing Aids Market By Product (Hearing Aid Devices (Receiver-In-The-Ear Hearing Aids, Canal Hearing Aids , Behind-The-Ear Hearing Aids , In-The-Ear (ITE) Hearing Aids) and Hearing Implants (Bone-Anchored Systems and Cochlear Implants)); Type Of Hearing Loss (Conductive Hearing Loss, and Sensorineural Hearing Loss); End User (Pediatrics, and Adults)- Global Analysis & Forecast 2019-2030 in detail along with the table of contents: https://www.marketindustryreports.com/hearing-aids-market/37
High Costs of Hearing aids Products to Restrain the Market
High costs associated with hearing aids products are one of the major factors affecting the growth of the hearing aids market. Unavailability of alternate affordable and cheaper hearing aid products or treatment options is anticipated to be one of the major hindrances in the growth of the global hearing aids market. Insufficient penetration of latest technologies, limited awareness in underprivileged regions and population with low income groups face consequential outcome in affording such devices.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing geriatric population, continuously growing economy, and increasing awareness regarding latest healthcare technology is anticipated to present a lucrative growth scenario for the hearing aids market in this region. Furthermore, improving healthcare facilities, coupled with supportive government healthcare regulations and norms is expected to present an attractive growth prospect for the market in the coming years.
Major Players in the Hearing aids Market
The prominent players in the global hearing aids market are Sonova, William Demant Holding A/S, GN Store Nord A/S, Cochlear Ltd., Sivantos Pte. Ltd., Starkey, WIDEX A/S, SeboTek Hearing Systems, LLC., Audina Hearing Instruments, Inc. and Horentek other prominent players.